Ottawa

The Ottawa market is on the upswing. According to the CBoC, after posting 1.6% GDP growth in 2016, the region was forecast to hit 2.3% growth in 2017 and post an average of 1.8% annual growth between 2018 and 2021. The driving force for much of this growth is the fact that Canada’s public service sector has started hiring again after years of staff cuts and hiring freezes. There’s a strong feeling among industry players and observers that the city has turned a corner and is on the cusp of a mini-boom.

The relative affordability of the Ottawa market is luring people to the city from other areas, particularly high-priced Toronto, as millennials and young families search for a better, less expensive lifestyle. Technology companies are expanding or moving into the market as well, eager to capitalize on the influx of talent—and doing their best to attract more people to the city. “Ottawa is a great place to live, work and raise a family,” notes one interviewee. “It sells itself.”

As we’re seeing in other markets, transit investments are shaping development in Ottawa. The $2.1-billion first phase of Ottawa’s LRT is expected to be completed in 2018. Phase 2 is planned to start shortly afterwards and to be finished by 2023. The new transit network is already sparking more intense development at key locations along the line.